NEW YORK (TheStreet) -- Shares of Alibaba Group (BABA) - Get Report are up 0.27% to $83.19 in pre-market trading today as the Chinese e-commerce giant is reportedly in talks for a potential investment in Indian online marketplace Snapdeal.com, sources told the Wall Street Journal.

As Snapdeal raises funds, it is continuing discussions with "several other investors," the source said. No information regarding the amount that Alibaba may invest was provided.

Snapdeal, which is owned by Jasper Infotech Pvt. Ltd., received close to $1 billion in investment from eBay (EBAY) - Get Report, SoftBank (SFTBY) and others last year.

For Alibaba, an investment in Snapdeal will allow the Chinese company, which raised $25 billion in an initial public offering in the U.S. last year, to expand its foothold in India after its financial services affiliate Ant Financial took a 26% stake in the online payment business of India-based One97 Communications Ltd, the Journal noted.

Morgan Stanley predicts that India's e-commerce market will grow to more than $100 billion by 2020 from $3 billion in 2013, the Journal added.

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